Billionaire founder of China's 2nd largest automaker Geely resigns
Chinese billionaire Li Shufu has stepped down as chairman of Geely Auto, saying the planned leadership succession would lay the groundwork for sustainable growth at the country’s second-largest carmaker.
Geely, the second-largest automaker in China by passenger car sales, announced that its founder, Li, has stepped down. The company reported record first-half revenue amid intense competition in China's car market. Andy An Conghui, an executive director, took over as the new CEO, succeeding Gui Shengyue. Li, 63, emphasized the company's commitment to cultivating professional talent and building a strong team.
Geely Auto, which owns Volvo Cars and a stake in Mercedes-Benz Group, reported a net profit of 9.1 billion yuan (US$1.35 billion) in the first half of 2026, down 2% from the previous year. Revenue reached a record 173.6 billion yuan, up 15% year-on-year. The company delivered 1.42 million vehicles, a 1% increase from the previous year, while exports surged 158% to 474,228 units.
Dai Yong, the company's CFO, cautioned about the challenges in China's automotive sector, urging competitors to avoid cutthroat price competition to prevent significant losses. Geely Auto, which makes both electric and petrol-powered vehicles under brands like Zeekr, Lynk, and Galaxy, trails only BYD, the world's largest EV assembler, in mainland China sales.
The company aims to sell 920,000 vehicles overseas in 2026, more than double its total from the previous year. Despite a declining profit margin from 3.4% in May to just 1.5% per car sold at 100,000 yuan, Geely remains optimistic about its future. Li, with a net worth of $16.3 billion as of Tuesday, ranked 19th among China's 100 richest individuals.
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